Forex Trading Africa annually reviews forex brokers regarded as the best in the world who accept Nigerian traders. We provide valuable information on the platforms, analysis and tools as well as pricing for you to base your decision on when choosing the right broker for your trading needs.
To trade forex in Nigeria, you need to open an account with a regulated broker. Forex is traded over-the-counter through a network of brokers and financial institutions as opposed to a centralised exchange. Forex is a risky instrument to trade. You can minimise the risk by trading through a regulated forexbroker who you can trust.
Open a FREE Trading Account here
HOTFOREX OVERVIEW
Founded in 2010, HotForex is an award-winning forex and commodities broker. The brokerage provides trading services to both retail and institutional clients and offers five types of accounts, the MetaTrader trading platforms, analytics and trading tools as well as a wealth of educational videos and expert analysis.
HotForex is regulated by multiple top-tier authorities. This includes the Financial Conduct Authority (FCA) in the United Kingdom which is considered one of the most reputable regulatory authorities in the world. HotForex is regulated by the FSCA in South Africa and is considered safe to use by forextraders in South Africa.
CBN is the regulated financial body for Nigeria.
You can trade over 45 currency pairs with HotForex as well as cryptocurrencies, indices, shares, bonds, precious metals, energies, commodities and CFDs.
HOTFOREX FAST FACTS
Founded
2010
Parent company
HF Markets (SV) Ltd
Based in
Saint Vincent and the Grenadines, an island country lying within the Lesser Antilles in the eastern Caribbean Sea
Prohibited countries
Canada
United States
North Korea
Sudan
Syria Arab Republic
READ ALSO: ‘Davido Ignored My Calls After Asking Me To Contact Him’ – Cynthia Morgan
Regulation and license
FCA – United Kingdom
CySEC – Cyprus
FSCA – South Africa
FSC – Mauritius
IBC – Seychelles
DFSA – United Arab Emirates
SVGFSA – St Vincent and the Grenadines
BaFin – Germany
Does HotForex accept forex traders in Nigeria?
Yes
Products
Forex
Cryptocurrencies
Metals
Energies
Indices
Shares
Commodities
Best forex broker for
HotForex is recommended for both beginners and advanced traders who are interested in trading multiple financial assets via the popular MetaTrader platforms.
Trading platform
MetaTrader 4
MetaTrader 5
Web-based trading platform
Yes
Mobile trading platform
Yes
Minimum to open
US$ 5 on Micro account
US$ 100 on Premium account
Minimum trade size
Leverage
Leverage up to 1000:1
Spreads
Tight spreads from as low as 0.10 pips on EUR/USD on select accounts
HotForex ZERO Spread account available
Scalping and hedging
Allowed
Electronic Communication Network (ECN)
Yes
Deposits and withdrawals
Bank wire
VISA
Mastercard
Bitpay
FasaPay
Maestro
Neteller
Skrill
UnionPay
WebMoney
Live accounts open
2.5 million (2020)
Most recent awards
Decade of Excellence Forex Brokerage Asia 2020 : Global Banking & Finance Review
Top 100 Companies : World Finance Magazine
Most Transparent Broker : The European Global Banking and Finance Review Awards
Best Client Services Global 2020 : Capital Finance International Magazine
Forex Trading Platform of the Year : Banks & Other Financial Institution Awards
Excellence in Customer Service Global 2020 : International Investor Awards 2020
Best Forex Educational Resources Global 2020 : Global ForexAwards
Most Trusted Forex Broker Global 2020 : Global Forex Awards
Best Trading Experience Africa 2020 : International Business Magazine
Best Global Forex Copy Trading Platform : Global ForexAwards 2019
Fastest Growing Forex Broker 2019 : International Business Magazine
You might like – Forex brokers compared side by side in Nigeria
IS HOTFOREX SAFE TO USE?
HotForex is regulated by multiple top-tier authorities and is considered safe to use. In addition to following strict regulatory requirements to safeguard clients’ funds and providing a reliable trading environment, HotForex maintains the highest industry standards in basic data encryption and server security.
Regulations and license
HotForex is regulated by:
|
Tier-1 licenses |
1 |
|
Tier-2 licenses |
3 |
|
Tier-3 licenses |
1 |
HF Markets SA (Pty) Ltd is regulated by the Financial Sector Conduct Authority (FSCA). It is considered safe to use by forex traders in South Africa.
FSCA is an independent institutions established by statute to oversee the South African non-banking financial services industry. It regulates the Johannesburg Stock Exchange (JSE), the largest exchange in the African continent.
Across the globe, HotForex Markets Group is regulated by:
Market Leading Insurance
HotForex partners with a Civil Liability insurance programmefor a limit of €5 million with includes market leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.
Accounts held with major global banks
HotForex’s strength and international standing enables the company to provide liquidity through major global banks.
Segregation of funds
Clients’ funds are received and held in separate bank accounts from those used by the company. These funds are off the balance sheet and cannot be used to pay back creditors in the unlikely event HotForex goes into default.
Negative balance protection
HotForex provides its clients with negative balance protection which means that even in highly volatile trading conditions when margin calls and stop-outs do not function correctly, no client is responsible for paying back a negative balance.
WHAT HOTFOREX HAS TO OFFER
Leverage
HotForex offers leverage up to 1000:1.
Leverage refers to how much of a position a trader can control with funds allocated to it by the broker. A leverage of up to 1000:1 means a HotForex client can control a position of US$100 000 with only US$100 of his or her own funds.
Competitive spreads and fees
All accounts offered by HotForex are spread only, meaning they are commission-free. The only exception is the HotForex Zero account which is commission-based.
The HotForex Premium and Premium Pro accounts are spread only with minimum deposits ranging from US$50 to US$600.
The HotForex Zero account is the most competitive. It offers the lowest spreads of all the HotForex accounts and a nominal commission per trade.
Web-based and mobile trading
HotForex is a MetaTrader broker. Clients have the choice of MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both popular electronic trading platforms can be accessed via the web or via a mobile device.
HF App
HotForex has an innovative proprietory app that puts the forexmarket in the palm of its clients’ hands. The HF app makes it easy for clients to deposit, withdraw and transfer funds on the go and provides easy mobile access to everything from live rates and advanced charting functionality to daily market analysis, the economic calendar and live webinars.
Derivative trading instruments
HotForex offers multiple derivative trading instruments with a focus on forex and CFDs. A derivative is a contract between two or more parties where the value of the underlying asset is agreed upon and settled when the contract is closed. Parties do not take ownership of the financial asset, they merely speculate on price changes.
The most common derivatives are Futures, Forwards, Options and Swaps. Most derivative instruments are traded over-the-counter (OTC) meaning trading bypasses a central exchange.
HotForex product portfolio
|
Forex |
50 plus : majors, minors and exotics |
|
Cryptocurrencies |
Including Bitcoin, Ethereum, Ripple, Dashcoin and Litecoin |
|
Commodities |
Including cocoa, coffee, copper, cotton and sugar |
|
Metals |
Including platinum, gold and silver |
|
Energies |
Including brent and crude oil |
|
Indices |
Access global indices including USA500 and UK100 |
|
Shares |
Trade derivatives on the shares of some of the world’s largest and well-known companies such as Apple, Amazon and Facebook |
|
Bonds |
Trade CFDs on bonds by the world’s leading economies |
|
Stocks direct-market-access |
Place your trades directly on the order books of global stock exchanges |
|
Exchange-Traded Funds (ETF) |
Choose from dozens of high-quality, low-cost ETFs to trade as derivatives |
Free demo account
HotForex offers beginner forex traders a free demo account that they can use to hone their trading skills before trading on a live account with real money. Demo accounts are instantly available when a new client opens an account with HotForex.
There is zero risk trading forex with a demo account
because clients only use ‘fake’ money to open positions. HotForexclients then progress to a Mini trading account when they feel confident trading with their own money.
MetaTrader trading platforms
HotForex is a MetaTrader broker which means its clients have access to one of the world’s most popular electronic trading platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) offer virtually all the charting, analysis and indicators a forex broker in Nigeria needs, regardless of level of expertise.
MT4 and MT5 are available for desktop, web trading, multi-terminal trading and trading on mobile devices. This includes Android, iPhone and iPad.
Multiple analysis and trading tools
HotForex offers clients a wide choice of analysis and trading tools. The most popular are:
Educational resources
HotForex delivers impressively on its wealth of educational content. This ranges from 26 articles on its e-course to several ebooks and dozens of up-to-date trading videos. HotForex also publishes its own YouTube material with excellent quality educational videos posted online on a regular basis.
HotForex provides its clients with valuable industry tips on trading strategies and market insights via weekly webinars. These are designed to improve clients’ trading knowledge and help them hone their trading strategies. Every live webinar is followed by a Q&A session where viewers can put questions to the presenter.
Auto account
This particular account allows HotForex clients to subscribe to paid or free trading signals. Clients can open an Auto account on the MT4 trading platform, HF app and WebTrader accounts. The spread begins from 1 pips and the maximum leverage is 500:1.
PAMM Accounts
PAMM accounts are available to fund managers and investors. Investors don’t need to trade as all the trading is done for them through a fund manager who gets paid for this service.
Zero Spreads account
This type of account is popular among high-volume traders, scalpers and traders who rely on Expert Advisors (EAs). It is a low-cost and highly efficient trading solution with spreads that start form zero. The maximum leverage is 500:1. The minimum opening deposit amount is 500:1.
Copy trading
HotForex offers clients a popular social copy trading platform called HFCopy. Copy trading allows forex traders to automatically copy positions opened and managed by select individuals with expertise in forex trading.
You need at least €1 000 to become a HotForex strategy provider or €300 to become a HotForex follower.
Islamic account
HotForex offers an Islamic account that is only available to clients of Muslim faith. Forex Islamic accounts are also known as swap-free accounts because there is no swap or rollover interest on overnight positions which is against the Islamic faith.
HotForex loyalty programme
HotForex runs a loyalty programme that rewards its clients for consistently trading the markets. There are 4 different reward levels and the more active trading days you accumulate, the more HotForex Bars you earn for each round-turn lot you trade.
HotForex Bars can be exchanged for cash or trading services:
Free funding
HotForex clients enjoy the benefit of free funding. This means HotForex does not impose any additional fees on deposits into a trading account. In addition, if your preferred deposit is a bank wire and your bank charges you fees, HotForex will refund the fee amount.
Bonus offerings
With HotForex’s Bonus offerings, clients can earn daily cash rebates of US$ 2 per lot on their accounts. This applies to every deposit of US$ 250 or more. The maximum cumulative rebate is US$8 000.
Contests
HotForex clients can participate in a wide range of contests to win cash and non-cash prizes. This includes monthly lucky draws, demo trading contests and holiday season contests.
READ ALSO: I’ll never negotiate with bandits – Yahaya Bello
TYPES OF HOTFOREX ACCOUNTS
HotForex offers 5 types of trading accounts:
|
MICRO |
|
|
Minimum deposit |
US$5 / R75 |
|
Maximum spreads |
1000:1 |
|
Spreads types |
Variable |
|
Spreads from |
1 pips |
|
Maximum simultaneous open orders |
150 |
|
PREMIUM |
|
|
Minimum deposit |
US$100 / R1 500 |
|
Maximum spreads |
500:1 |
|
Spreads types |
Variable |
|
Spreads from |
1 pips |
|
Maximum simultaneous open orders |
300 |
|
ZERO SPREAD |
|
|
Minimum deposit |
US$200 / R3 000 |
|
Maximum spreads |
500:1 |
|
Spreads types |
Variable |
|
Spreads from |
0 on forex |
|
Maximum simultaneous open orders |
500 |
|
AUTO |
|
|
Minimum deposit |
US$200 / R3 000 |
|
Maximum spreads |
500:1 |
|
Spreads types |
Variable |
|
Spreads from |
1 pip |
|
Maximum simultaneous open orders |
300 |
|
HFCOPY |
|
|
Minimum deposit |
US$300 for strategy provider / R3 000 US$100 for follower / R1 500 |
|
Maximum spreads |
400:1 |
|
Spreads types |
Variable |
|
Spreads from |
1 pip |
|
Maximum simultaneous open orders |
300 |
Note: US$ to Rand conversion as at December 2020
IN SUMMARY
HotForex has been in business for over a decade and has established itself as a leader in the field of forex and commodity trading. It’s regulated by several top-tier authorities, including the FCA in the United Kingdom which is regarded as the leading regulatory authority in the world.
With its years of experience, reputation for providing a safe and dynamic trading environment, its regulations status and the number of global awards it has received over the years, HotForex is regarded as a safe and reputable broker to use by forex traders in Nigeria.
HotForex offers competitive spreads and no commission on deposits. It’s pricing is on par with the market average and its product portfolio is varied. If you are content to trade forex via one of the popular MetaTrader platforms, HotForex offers everything you need to trade currency pairs and commodities on the global markets.